It’s easily one of the most remarkable performances in the market right now. Cineplex operator Cinemark (CNK) gained over 2% on Monday while the rest of the market seemingly went into freefall. Even more impressively, in the past five sessions, CNK stock swung up almost 12%. In sharp contrast, the benchmark S&P 500 index during the same frame slipped more than 5%.
Driving this impressive performance is the company’s latest earnings report for the second quarter. According to AP, Cinemark posted a profit of $45.8 million, translating to earnings per share of 32 cents. This figure beat the consensus estimate of only 7 cents by a wide margin. Just as surprisingly, the movie theater owner generated revenue of $734.2 million, jumping ahead of the Street’s estimate of $693.2 million.
